Clause 42 - Amendment of section 194A. - Finance Bill, 2015

Amendment of section 194A. 42. In section 194A of the Income-tax Act, in sub-section (3), with effect from the 1st day of June, 2015,- (a) in clause (i), after the proviso, the following proviso shall be inserted, namely:- Provided further that the amount referred to in the first proviso shall be computed with reference to the income credited or paid by the banking company or the co-operative society or the public company, as the case may be, where such banking company or the co-operative society or the public company has adopted core banking solutions; ; (b) in clause (v), for the words paid by a co-operative society to a member thereof or , the words and brackets paid by a co-operative society (other than a co-operative bank) to a member thereof or to such income credited or paid by a co-operative society shall be substituted; (c) after clause (v), the following Explanation shall be inserted, namely:- Explanation.-For the purposes of this clause, co-operative bank shall have the same as meaning assigned to it in Part V of the Banking Regulation Act, 1949; (10 of 1949).; (d) for clause (ix), the following clauses shall be substituted, namely:- (ix) to such income credited by way of interest on the compensation amount awarded by the Motor Accidents Claims Tribunal; (ixa) to such income paid by way of interest on the compensation amount awarded by the Motor Accidents Claims Tribunal where the amount of such income or, as the case may be, the aggregate of the amounts of such income paid during the financial year does not exceed fifty thousand rupees; ; (e) in Explanation 1 below clause (xi), for the word excluding , the word including shall be substituted.